Gang of Six Plan Would Raise Taxes on Low-Income Workers

[Donnachaidh]

http://truth-out.org/gang-six-plan-would-raise-taxes-low-income-workers/1311342009

The chained Consumer Price Index (CPI), a provision included in the Gang of Six's deficit reduction package, raises taxes on low- and moderate-income workers, according to a recent report by the Joint Committee on Taxation. This belies the claim that the harm done to the middle class by the chained CPI's benefit cuts would be partly off-set by the revenues it would generate.

The chained CPI, a change in the inflation formula that would result in cuts to Social Security, VA benefits, Supplemental Security Income (SSI), and other benefits, as well as increases in revenue, has been on the table in deficit talks for months. The measure has specifically been seen as a possible point of bipartisan compromise, because it both cuts spending and raises revenues.

The provision has gained even more momentum now that the Gang of Six has included it in their recently unveiled deficit reduction plan.

Progressives have been critical of the benefit cuts that would result from the chained CPI, citing the threats they pose to vulnerable populations like the very elderly and disabled; the failure of the measure to accurately account for the higher health care costs of seniors and disabled persons; and the fact that the cuts would begin right away, falling on current beneficiaries, who have not had time to plan accordingly. Some have pointed out that the change may drive thousands of seniors into poverty.

More at the link --

[rurallib]

1. they take away and they give

they take away SS and Medicare and give more taxes.

[FreakinDJ]

2. but but but - "The Job Creators" - have Outsourced your Job

fucking RATpubliCON Traders

[Lorien]

3. The Gang of Six plan also ends taxes on profits made overseas by U.S companies. nt

[FreakinDJ]

5. I'd have to see it before I believe it

from every thing i have read so far it merely directs Congress to take up the issue

I know a lot of folks here on DU will come unglued but as part of that they want to make the "Tax Holiday" permanent. My main concern is they "Level the Playing Field" for business large and small. Remember - Small Business represents 67% of New Job Creation. Large Corporations that gobble up small successful businesses tend to layoff the workforce to maximize profits.

If they can do all that while increasing the over all revenue generated by the Corporate Tax Share 5 - 15%, I don't care what the Corporate Tax Rate is

[xmas74]

4. I don't use the word all that often but in this case-

I'm fucked. Time to find yet another job to go with the two I already have.

In the past week I've dropped my fall enrollment. I had one semester left but have too many bills that need attention first. If there is an increase in taxes I won't be able to afford even the basics. I just don't make enough money.

[Safetykitten]

6. Sure does, but that's OK.